14:04 GMT +3 hours28 November 2014
Live
World

Russia pressing for world energy market transparency

World
000

NEW DELHI, November 25 (RIA Novosti) - Russia views a transparent and predictable global oil and gas market as the foundation of global energy security, the Russian minister of industry and energy said Friday.

"We do not conceal information about [our] plans to develop the energy sector, the volumes and regions of production, and our other activities that can affect the global and regional energy situation," Viktor Khristenko told an energy conference in New Delhi.

The minister added that Russia, which is one of the world's biggest energy suppliers outside the troubled Middle East, did not indulge in intrigue and wanted the same from its partners.

Khristenko said energy security was the main problem Russia wanted to tackle during its presidency next year of the G8, the club of the world's richest nations. He also said that the G8 could not ensure global security without proactive interaction with major Asian energy producers and exporters.

"Therefore, we propose setting up permanent task forces under the G8, which will include representatives of energy supplier and consumer countries, first of all Asian ones," Khristenko said.

The Asian region consumes about 40% of the world oil exports. With the highest rates of energy consumption growth on the back of such rapidly developing countries as China and India, the region is likely to dominate world oil consumption in the coming 20 years.